Ermington Mill, Ermington, Ivybridge, Devon, PL21 9NT

Description

A sizeable former mill premises with accommodation arranged over five levels and an adjoining two storey former stables with associated parking, utilised as workshop/office spaces. Scope for conversion, subject to any requisite consents, on which interested parties must make and rely upon their own assessment, including planning enquiries of South Hams District Council.

Accommodation

Entry Floor: Entrance hall, room 1, room 2 being triple aspect, room 3, room 4, WC's. Ground Floor: Lobby, room 5, room 6, room 7. Lower Ground Floor: Large room accessed externally only (not inspected). First Floor: Dual aspect large room, room 8, room 9, kitchen and WC. Second Floor: Large main hall, room 10 triple aspect, room 11 dual aspect. The Annexe/Stables: Three two storey units and rear basement accessed either internally or externally (not inspected).

Location

Ermington is set in the South Hams offering a village shop, public house, church, primary school, bistro and restaurant, bus service to the nearby towns of Modbury and Ivybridge with mainline railway station, readily accessible from the A38/M5 road network.

Tenure / Property Information

Investment Analysis

The £150,000+ guide is not supported by a formal valuation. Recorded sales at the same River Park Industrial Estate were £80,000 in 2022 and £110,000–£127,000 in 2019, but no size, specification or condition details are supplied, so they are only broad contextual evidence. The property is substantially different in scale and accommodation, and its conversion potential is expressly subject to planning and other consents. No reliable GDV, refurbishment budget or market rent can therefore be established. At the £150,000 guide, the stated buyer administration charge would be £2,430 including VAT, before any additional seller legal fees or other auction costs.

Investment Snapshot

Strategy Recommendation

Proceed only as a planning-led commercial or conversion investigation after legal, structural, condition and planning due diligence. Do not rely on residential conversion or a resale profit without confirmed consents, costs and valuation evidence.

Works Required

Obtain and assess the legal pack, inspect all accessible areas, investigate the uninspected lower-ground and basement areas, and establish the feasibility of any workshop, office or residential conversion with South Hams District Council. No specific construction works or cost allowance can be supported from the evidence supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not presently supportable. There is no evidenced residential GDV, rent, refurbishment budget or refinance valuation, and conversion is subject to requisite consents. The combined VOA rating of £35,350 is not a rental or capital valuation.

Buy-to-Let Analysis

BTL analysis cannot be established. No sufficiently specific rental evidence, passing rent, residential configuration or planning consent for residential use is supplied. The described current use is workshop/office space, so residential yield assumptions would be unsupported.

Flip Analysis

A flip appraisal cannot be quantified because no supported GDV, conversion consent, refurbishment cost, professional cost, finance cost or selling allowance is available. The same-estate sold comparables provide only limited commercial context and do not establish the resale value of this larger former mill and stables.

Investor Risks & Due Diligence

• Conversion is subject to requisite consents and planning enquiries with South Hams District Council.

• Lower-ground large room and rear basement areas were not inspected.

• No condition survey, structural assessment or refurbishment cost evidence is supplied.

• No floor areas or detailed specification are provided, limiting comparison with the sold industrial properties.

• No rental evidence or passing tenancy information is supplied.

• Tenure, occupancy and lease details are unspecified.

• Additional seller legal fees or other legal-pack charges may apply.

• The £150,000+ guide is not a guaranteed purchase price and may be exceeded at auction.

Recommendation

Proceed only as a planning-led commercial or conversion investigation after legal, structural, condition and planning due diligence. Do not rely on residential conversion or a resale profit without confirmed consents, costs and valuation evidence.

Strategy Rating

Analysis Confidence

The description, guide, buyer fee, EPC, location and limited same-estate sales are supplied, but tenure, occupancy, lease, condition, floor areas, planning status, rents, works costs and GDV evidence are absent.